Close Brothers Group (LON:CBG) Stock Price Down 21.6% - Here's What Happened

Close Brothers Group plc (LON:CBG - Get Free Report)'s stock price dropped 21.6% during mid-day trading on Tuesday . The company traded as low as GBX 258.20 ($3.33) and last traded at GBX 270.80 ($3.50). Approximately 125,087,578 shares traded hands during mid-day trading, an increase of 2,586% from the average daily volume of 4,656,207 shares. The stock had previously closed at GBX 345.40 ($4.46).

Analyst Upgrades and Downgrades

CBG has been the topic of a number of analyst reports. Shore Capital reiterated a "buy" rating on shares of Close Brothers Group in a report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their target price on Close Brothers Group from GBX 610 ($7.88) to GBX 600 ($7.75) and set a "hold" rating on the stock in a research note on Thursday, February 13th.

Close Brothers Group Trading Up 3.5 %

The business has a fifty day moving average of GBX 309.75 and a two-hundred day moving average of GBX 312.81. The company has a market cap of £427.45 million, a price-to-earnings ratio of 4.27, a PEG ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG - Get Free Report) last posted its quarterly earnings results on Tuesday, March 18th. The company reported GBX 30.90 ($0.40) earnings per share (EPS) for the quarter. Close Brothers Group had a return on equity of 5.78% and a net margin of 7.79%. On average, research analysts forecast that Close Brothers Group plc will post 66.0070671 EPS for the current fiscal year.

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Insiders Place Their Bets

In related news, insider Michael N. Biggs acquired 5,000 shares of Close Brothers Group stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average cost of GBX 288 ($3.72) per share, for a total transaction of £14,400 ($18,592.64). 2.91% of the stock is owned by insiders.

Close Brothers Group Company Profile

Close Brothers Group plc, a merchant banking company, engages in the provision of financial services to small businesses and individuals in the United Kingdom. It operates through five segments: Commercial, Retail, Property, Asset Management, and Securities. The company offers banking services comprising of debt factoring, invoice discounting, asset-based lending; financing for SMEs, residential housing, transport, industrial equipment, renewable energy, motorcycle, used car, and commercial vehicle financing; insurance, refurbishment, and bridging financing, savings products for individuals and corporates, hire purchase, lease, and loan related services.